Investors

President's Communication

President's Letter to Shareholders - April 24, 2019

Dear Shareholders,

Easter has come and gone, and we’re well into another glorious Vancouver Spring. For BC-focused explorers like Serengeti, that means planning is well underway for the coming summer field season in the mountains. I’m excited by the potential of our project portfolio. The Kwanika project is advancing steadily towards completion of pre-feasibility (PFS) level engineering. On completion, the PFS will allow the mining analysts to assign a valuation to Serengeti’s shares, based on our 65% share of the net present value of the project. But the regional exploration work is where we hope to be able to add some serious excitement to the SIR story this summer.

However, field work requires funding; hence this today’s news release regarding a proposed flow through financing. I’m pleased to report that we believe we can raise approximately $1.8-million, at a highly favourable price of $0.30, allowing us to minimize the inevitable dilution to our share structure.

With financing secured, our field teams – ably led by our Chief Geologist, Quinn Harper- are well advanced in organizing this summer’s activities, and we’re setting ourselves some ambitious objectives. Our top priority is to complete a first round of drilling, roughly 2,000-2,500m of core, at the exciting Atty porphyry Cu-Au property near Centerra’s Kemess East project. We’re required to spend a minimum of $900k in 2019 under the terms of our earn-in agreement on Atty. It is a high potential property that we believe may host the uplifted, eastern fault-offset of the Kemess East deposit. I should add that we’re staying open-minded about the proposed budget at Atty. If we’re successful, and we find another potentially large porphyry system, we may divert funding from other proposed activities to the Atty project to maximize what we can do there this year. Atty is described in more detail on the project page on our website, linked here.

We’d also like to complete mapping, sampling and some geophysics at a couple of our regional exploration projects, most likely the East Niv and Arjay targets. Last summer we had a very quick reconnaissance look at them, spending no more than a day or two on each of them, but our geologists saw sufficient encouragement to plan to return this year and follow-up up with a more substantial program.

Lastly, our regional generative effort, a crucial part of your Company’s future, will also benefit from the raise as we look at add to our project pipeline.

Our pre-feasibility (PFS) engineering at Kwanika is targeting a proposed open-pit and bulk underground copper-gold mine at Kwanika and is scheduled for completion in early Q3, 2019. The current status of the PFS was outlined briefly in our April 18 news release, linked here.

So, we have an exciting summer planned for your Company, and I’m looking forward to providing shareholders with regular updates as our field season progresses. As always, we welcome your calls and emails. You can follow our progress on our website at www.serengetiresources.com or subscribe to our feeds on Twitter at @SIResources, Facebook or LinkedIn for up to date news.

Thank you for your continuing interest and support.

Yours truly,

David W. MoorePresident & CEO

President's Letter to Shareholders - March 01, 2019

Dear Shareholder,

I’m pleased to announce that today we published a new, expanded Mineral Resource Estimate for the Central Zone at our Kwanika copper-gold porphyry project. The work incorporates the drilling we completed in 2018 and draws on a much more detailed understanding of the geology of Kwanika than we had back in 2016 when we published our first resource estimate. Our consultants estimate that Kwanika has a Measured and Indicated (M&I) Mineral Resource of 1.32 billion pounds of contained copper and 1.83 million ounces of contained gold in addition to a significant Inferred Resource. The full news release is linked here and you can also read details of the new resource on the Kwanika project page on our website here.

Importantly, the new Resource Estimate has identified coherent higher-grade domains- by that I mean large blocks of mineralization with substantially higher copper and gold grades than the resource average- within the open pit and underground M&I resources. You can see these illustrated in a cross section here . These are a natural target for the prefeasiblilty-stage mine planning currently underway. Highlights of the new Resource include:

A substantial increase in Resource tonnes in all categories compared to the 2016 PEA resource;

Combined Measured and Indicated (M+I) Resource of 223.6 million tonnes grading 0.27% copper, 0.25 g/t gold and 0.87 g/t silver containing 1.32 billion pounds of Cu, 1.83 million ounces of Au and 6.27 million ounces of Ag as summarized in the table below;

An overall increase in contained metal from the 2016 Resource Estimate, including increases of 44% for Cu, 32% for Au, and 52% for Ag in the M+I categories;

Conversion of 42.9 million tonnes of Indicated Resources to Measured category, representing approximately 20% of the combined open pit and underground M+I Resource;

Identification of higher-grade domains within both the open pit and underground Resource which will form the basis for PFS mine planning, as outlined in the Sensitivity Table in the news release, and on the project page. At higher cut-off grades for the open pit, and at a higher-grade confining shell for underground mineral resources, the higher-grade domains remain coherent, which suggests that mining should be able to target these areas as the Kwanika mine plan is developed.

Overall, we are very pleased with the new Resource. Not only has the inventory of contained metal expanded significantly, but the model is now based on more realistic open-pit and underground mining shapes that improve our overall confidence in the project. The new Resource also shows that at higher cut-off grades for the open pit and at a higher-grade confining shell for underground mineral resources, the higher-grade domains we’ve identified remain coherent, which suggests that we should be able to target these areas as the Kwanika mine plan is developed. These will be incorporated into the on-going PFS engineering work and suggest potential for an expanded Central Zone open pit and underground mine life.

As always, we welcome your calls and emails. Please visit our website at www.serengetiresources.com to view the full text of today’s release, or follow us on twitter at @SIResources to track our progress. I’d also like to remind you that we’ll be attending the PDAC conference today through Wednesday, March 6th. If you’re also attending, and you have any questions, please come by and visit us at Booth 2853 in the Investor’s Exchange and we’ll do our best to answer them.

Thank you for your continuing interest and support.

Yours truly,

David W. MoorePresident & CEO

The QP Statement and Disclaimer for Serengeti’s technical disclosure are linked here.

President's Letter to Shareholders - December 13, 2018

December 13, 2018

Dear Shareholders,

As we approach the end of 2018, and with the holiday season fast upon us, I’d like to thank every one of you for your continued support this year and wish you all a very Happy Holidays. On behalf of everyone at Serengeti, I can tell you that we’re incredibly proud of what we’ve accomplished this year. The team has worked hard to advance our flagship Kwanika copper-gold project towards completion of the prefeasibility study (PFS) in mid-2019.

Up front, I want to address the recent decline in our stock price. We published extremely positive news in October and November only to suffer a major and we believe totally unjustified drop in price. The decline appears to have been the result of a coordinated and aggressive short selling attack. Rest assured, we see no fundamental technical reasons in our work advancing Kwanika that would justify such a decline. It also reflects in part that the release of positive news these days is seen as a liquidity event for short term speculators to sell into; a reality of today’s markets.

In the prevailing climate of political uncertainty that’s affecting many mining jurisdictions, it’s worth remembering that Kwanika is a rarity in the junior exploration sector; It’s an advanced stage copper-gold project, located near infrastructure, in a politically stable province with a transparent permitting process and strong community support. The combination of solid project fundamentals, strong news flow as we move into 2019, and the traditional end-of-year market jitters impacting equity prices, presents an exceptional value proposition for investors in Serengeti in the New Year.

When we started the PFS, we took the measured decision to focus on the quality of the resource that we have at Kwanika -optimising the project to find a balance between higher grades and moderate tonnages- rather than simply engineering for large tonnage through-puts which would expose us to large capital expenditures (Capex). This focus on quality should enable our engineers to optimize up front Capex, maximise early-stage cash flows, and substantially improve the project economics in the 2019 PFS compared to the historic PEA. In essence, we’re rethinking the “bigger-is-better” concept of porphyry copper mine development, focusing instead on engineering a high-grade, high-margin, medium tonnage operation.

In mining, the old truism says Grade is King, which is why we’ve been in-fill drilling this year, to delineate the high Cu-Au grade core to the Central Zone. You’ll no doubt have seen the flow of excellent drill results since October which has included some of the best porphyry Cu-Au grades ever reported from BC. We anticipate that these high-grade results will be reflected in an improved resource estimate in Q1 2019; look for higher Cu and Au grades and increased tonnages in higher confidence categories.

And finally, everyone at Serengeti is committed to responsible exploration and mining practices. We understand and embrace the need to create mutually beneficial, positive working relationships with First Nations and local communities built on trust and respect. I’d specifically like to thank the Takla Nation for their support for our project, and we look forward to continued constructive engagement with them as the project advances.

As always, we welcome your calls and emails. You can also visit our website at www.serengetiresources.com or follow us on twitter at @SIResources to track our progress. Thank you for your continuing interest and support.

Yours truly,

David W. MoorePresident & CEO

Cautionary Statement

This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this communication.

President's Letter to Shareholders - October 31, 2018

October 31, 2018

Dear Shareholders,

As we approach the end of 2018, and with the holiday season fast upon us, I’d like to thank every one of you for your continued support this year and wish you all a very Happy Holidays. On behalf of everyone at Serengeti, I can tell you that we’re incredibly proud of what we’ve accomplished this year. The team has worked hard to advance our flagship Kwanika copper-gold project towards completion of the prefeasibility study (PFS) in mid-2019.

Up front, I want to address the recent decline in our stock price. We published extremely positive news in October and November only to suffer a major and we believe totally unjustified drop in price. The decline appears to have been the result of a coordinated and aggressive short selling attack. Rest assured, we see no fundamental technical reasons in our work advancing Kwanika that would justify such a decline. It also reflects in part that the release of positive news these days is seen as a liquidity event for short term speculators to sell into; a reality of today’s markets.

In the prevailing climate of political uncertainty that’s affecting many mining jurisdictions, it’s worth remembering that Kwanika is a rarity in the junior exploration sector; It’s an advanced stage copper-gold project, located near infrastructure, in a politically stable province with a transparent permitting process and strong community support. The combination of solid project fundamentals, strong news flow as we move into 2019, and the traditional end-of-year market jitters impacting equity prices, presents an exceptional value proposition for investors in Serengeti in the New Year.

When we started the PFS, we took the measured decision to focus on the quality of the resource that we have at Kwanika -optimising the project to find a balance between higher grades and moderate tonnages- rather than simply engineering for large tonnage through-puts which would expose us to large capital expenditures (Capex). This focus on quality should enable our engineers to optimize up front Capex, maximise early-stage cash flows, and substantially improve the project economics in the 2019 PFS compared to the historic PEA. In essence, we’re rethinking the “bigger-is-better” concept of porphyry copper mine development, focusing instead on engineering a high-grade, high-margin, medium tonnage operation.

In mining, the old truism says Grade is King, which is why we’ve been in-fill drilling this year, to delineate the high Cu-Au grade core to the Central Zone. You’ll no doubt have seen the flow of excellent drill results since October which has included some of the best porphyry Cu-Au grades ever reported from BC. We anticipate that these high-grade results will be reflected in an improved resource estimate in Q1 2019; look for higher Cu and Au grades and increased tonnages in higher confidence categories.

And finally, everyone at Serengeti is committed to responsible exploration and mining practices. We understand and embrace the need to create mutually beneficial, positive working relationships with First Nations and local communities built on trust and respect. I’d specifically like to thank the Takla Nation for their support for our project, and we look forward to continued constructive engagement with them as the project advances.

As always, we welcome your calls and emails. You can also visit our website at www.serengetiresources.com or follow us on twitter at @SIResources to track our progress. Thank you for your continuing interest and support.

Yours truly,

David W. MoorePresident & CEO

Cautionary Statement

This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this communication.

President's Letter to Shareholders - January 11, 2018

January 11, 2018

Dear Fellow Shareholders,

Serengeti achieved an important milestone late last year when we announced on November 27th that we had closed the definitive transaction with POSCO DAEWOO Corporation (“PDC”) for the Kwanika project and received PDC’s $7,000,000 cash contribution towards the advancement of a pre-feasibility study on the project. Serengeti’s interest in the Kwanika project has now been transferred into Kwanika Copper Corporation (“KCC”), a private joint venture company controlled 65% by Serengeti and 35% by PDC.

The overall objective of the pre-feasibility study is to identify the best alternatives to optimize project design and seek and test opportunities to further enhance project economics, while de-risking the project and materially advancing it towards development. Serengeti remains project operator so long as the Company maintains a greater than 50% interest and as such has received an immediate $700,000 cash payment from KCC. The pre-feasibility study will build upon our Preliminary Economic Assessment that was completed for the project earlier in the year as part of PDC’s initial earn-in expenditure.

The parties are currently developing a detailed plan for the execution of the pre-feasibility study which is expected to be completed over the next 15 to 18 months and will include a substantial drilling program targeting the Central copper-gold zone on the property. The drilling program is expected to start early in summer 2018 and will have several objectives, including resource upgrade and further testing for higher grade domains within the Central Zone, and the acquisition of metallurgical samples and geotechnical data. Importantly, the program will also include holes to test open edges of the deposit, including deepening a hole that previously ended in good grade mineralization; it will also follow up a new deep target to the north identified in 2016.

Elsewhere in BC, the Company carried out initial drill tests of two properties, Milligan West and UDS, and conducted target development work on several other properties with the proceeds of an $825,000 flow-through share financing completed mid-year. Results from both drill programs were reported recently and although economic grades over mineable widths have yet to be encountered, both these projects show promise of discovery and warrant further work. We are particularly encouraged by the identification of a substantial, previously unknown, intensely pyritic alteration system on the UDS property that with more work may well turn out to be associated with a copper-gold porphyry deposit.

The Company is in a much improved financial position compared to this time last year. Our working capital at December 31st , is approximately $1.1 million in Serengeti plus $6.3 million held in Kwanika Copper Corp., which will be used to fund the advancement of the pre-feasibility study on the Kwanika project. We are also of course continuously on the lookout for new opportunities that would complement our existing assets. The coming year should be an exciting one for the Company and we look forward to sharing that success with you. As always we welcome your calls and emails, or you can visit our website at www.serengetiresources.com to track our progress.

Thank you for your continuing interest and support.

Yours truly,

David W. MoorePresident & CEO

Cautionary Statement

This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this communication.

President's Letter to Shareholders - July 31, 2017

July 31, 2017

Dear Fellow Shareholders,

On July 26, 2017, the Company announced that Daewoo Minerals Canada Corporation (“DMC”), a Canadian subsidiary of Posco International Corp., one of South Korea’s leading trading corporations, had exercised its right to earn an additional 30% project interest, bringing their total to 35% in the Kwanika Copper Gold project, by funding the next $7 million expenditure subject to finalizing and executing the full Joint Venture Agreement for the project.

Within the next 60 days the partners will establish a joint venture company, finalize the full joint venture agreement, DMC will contribute their current 5% interest plus $7 million in cash and Serengeti will contribute an additional 30% Kwanika property interest to the new joint venture company. The partners are currently finalizing a plan and budget to advance the project through completion of a Pre-feasibility Study (PFS) including funding a significant drilling program and initiating other activities consistent with PFS level studies. Serengeti will remain as project operator and will be entitled to charge a 10% operator’s fee on expenditures, so long as we maintain a majority interest.

Earlier this year a Preliminary Economic Assessment (PEA) was completed by an independent engineering firm and an independent NI 43-101 Technical Report was filed on SEDAR. The PEA evaluated a 15,000 tonne per day combined open pit and underground mining operation, centered on the highest grade portion of the Central and South Zones on the Kwanika property. The PEA identified a project of economic merit and recommended advancing the project to a higher level of study leading to a Pre-Feasibility Study and eventually to a Feasibility Study.

The Company is also in a much improved financial position, with working capital at the end of Q1 of $335,000 and just recently further strengthened that position by raising $825,000 in a flow through share offering. Proceeds of this recent financing will be used for continued exploration and drilling on a number of the Company’s other properties such as the 56.3% owned Milligan West property jointly held with Fjordland Exploration and the 100% owned UDS property located next to the Kemess Mine. Drilling on one or possibly both properties, testing targets with the potential to discover new copper-gold systems is planned within the next two months, ahead of our planned drilling program at Kwanika which is scheduled to start in late September.

The coming year should be an exciting one for the Company and we look forward to sharing that success with you. As always we welcome your calls and emails, or visit our website at www.serengetiresources.com to track our progress.

Thank you for your continuing interest and support.

Yours truly,

David W. MoorePresident & CEO

Cautionary Statement

This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations as well as a comprehensive list of risk factors are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and we do not undertake any obligation to update forward-looking statements should conditions or our estimates change, other than as required by law and readers are further advised not to place undue reliance on forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this communication.

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